Which of the following groups would be classified as intangible assets for financial accounting and reporting purposes?
A)long-term notes receivable, copyrights, goodwill, and trademarks
B)patents, computer software costs, franchises, and trademarks
C)computer software costs, research and development costs for internally developed patents, patents, and goodwill
D)organization costs, goodwill, costs of employee training programs, and trademarks

Question

Quizplus · Accepted Answer

Intangible assets include non-physical assets that have a useful life of more than one year. Patents, computer software costs, franchises, and trademarks fit this definition as they are identifiable non-monetary assets without physical substance, which provide economic benefits to the entity.

Which of the Following Groups Would Be Classified as Intangible